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House prices in the UK recorded double digit growth for the first time in four years in the past 12 months as activity showed no sign of slowing down.

In its latest snapshot of the property market, Nationwide found that the average price of a home in the UK jumped 10. 9 per cent in the year to March to stand at £183,577. On the month prices were 1.2 per cent higher.

Concerns are growing that a property bubble is emerging in the capital. The building society said that price growth has been significantly stronger in the South of England,